Pix introduced a low-cost, interoperable public instant payment infrastructure in Brazil in November 2020. This paper examines how Pix diffusion affects local banking markets. We show that Pix expansion is associated with faster growth in total deposits and a shift toward more liquid accounts, particularly in municipalities with lower initial digital infrastructure. These areas also experience stronger credit expansion, especially in rural lending, while real estate credit shows limited response. Bank balance sheets adjust through increases in total assets and liquidity and a relative decline in securities and equity, consistent with deposit-funded intermediation. Overall, our findings suggest that public instant payment systems can promote financial deepening and expand access to formal banking services, especially in initially underserved municipalities.
Comissão Organizadora
Comissão Científica
Ferramenta completa de submissão, avaliação e publicação de anais para eventos científicos.
